Key facts
- The NYSE and Blockchain.com plan to offer tokenized US stocks and ETFs to Blockchain.com users.
- Raiffeisen Bank International will leverage Bitpanda Enterprise for digital asset infrastructure to offer crypto services to its customers.
- The CFTC warned that prediction market contracts based on individual actions carry a heightened risk of manipulation.
- Tokenized stocks have reached $3.14 billion in distributed value as of Wednesday, an increase of over 18% in the past month.
The New York Stock Exchange (NYSE) and Blockchain.com have entered into a memorandum of understanding that could allow for the distribution of tokenized US stocks and exchange-traded funds (ETFs) to Blockchain.com users. This initiative would leverage NYSE's planned digital trading platform and involves an exchange of market data between the entities, with ICE Data Services distributing Blockchain.com's crypto data and Blockchain.com incorporating certain ICE and NYSE feeds.
This move by NYSE aligns with a broader trend of crypto and traditional exchanges developing offerings for tokenized equities. Companies like Kraken, Nasdaq, Binance, Coinbase, and Robinhood are reportedly working on similar models. The market for tokenized stocks is experiencing rapid growth, with its distributed value reaching $3.14 billion as of Wednesday, marking an increase of over 18% in the last month, according to RWA.xyz.
In parallel, Austrian banking group Raiffeisen Bank International (RBI) is expanding its cryptocurrency offerings across 11 European markets through an expanded partnership with Bitpanda. Bitpanda Enterprise will supply the necessary digital asset infrastructure for RBI's network banks to introduce crypto services, potentially reaching approximately 18 million customers. Individual banks within the RBI network will decide on the specifics of their crypto offerings and rollout schedules, taking into account local market conditions and regulatory frameworks. RBI CEO Michael Höllerer stated that the bank is responding to increasing customer demand for crypto assets.
Separately, the US Commodity Futures Trading Commission (CFTC) has issued a warning regarding prediction market contracts that are based on an individual's statements or actions. The CFTC's Division of Market Oversight advised that such "mention markets" carry a heightened risk of manipulation due to their settlement criteria often depending on discrete, potentially unverifiable conduct of a person. This warning follows instances where traders were accused of exploiting privileged information on prediction markets.